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Listed by Leslie Peraza • Finest City Homes
$ 1,649,900
Est. payment /mo
Price Dropped by $199K
475 Oxford Street Chula Vista, CA 91911
0.36 Acres Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID 8P-2500689
Year Built 1948
Lot Size 0.360 Acres
Property Description
HUGE PRICE IMPROVEMENT - MOTIVATED SELLERS ENTERTAINING ALL OFFERS - DOUBLE LOT, HIGH RENT ROLL, + DEVELOPMENT OPPORTUNITY! In the opportunity zone, this SFR + Duplex have potential to add value. This is a double lot located in West Chula Vista with freeways, public transportation, and shopping accessible. This property boasts a 4 bed + loft, 2 bath Single Family Residence as well as a Duplex with 2 beds, 1 bath per unit (newly constructed). The existing 3 units are all built on 1 side of the almost 16,000 sqft lot. New owners can LOT SPLIT or continue to develop the west half of the property utilizing SB-9 regulations to their advantage. Each unit has designated parking and washer/dryer hookup. All 3 units are currently rented on a month-to-month lease, have ample parking, and have their own washer/dryer hookup. Unit 1: SFR 4 bed/2 bath, Rent is $3545, Pro Forma: $4000. Unit 2: Duplex Side A 2 bed/1 bath, Rent is $2315, Pro Forma: $2550. Unit 3: Duplex Side B 2 bed/1 bath, Rent is $2235, Pro Forma: $2550. Gross Income: $97140. Cap Rate is approximately 4.81% but can be increased with Pro Forma rents up to 4.9%. ATTENTION DEVELOPERS: This Property falls within the "Opportunity Zone" which provides tax incentives with the intention to promote investment in economically distressed neighborhoods. Investor's Keep all Appreciation on this purchase if they hold the property for at least 10 Years! Through this program, investors can achieve the following three significant tax benefits. ALL INFORMATION PROVIDED IS DEEMED RELIABLE. Buyer to verify all before the close of escrow including but not limited to: permits, units, square footage, and development opportunities allowed.
Location
State CA
County San Diego
Area 91911 - Chula Vista
Zoning Residential
Interior
Laundry Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Gated
Garage Spaces 1.0
Pool None
Community Features Sidewalks
View Y/N No
Building
Lot Description Front Yard, Gentle Sloping, Level, Level with Street, Lot 10000-19999 Sqft, Near Public Transit, Rectangular Lot, Value In Land
Others
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2500689